 &  \multicolumn{2}{c}{log(Markdown)}  &  \multicolumn{2}{c}{log(Markdown)}  \\     
                    &\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}&\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}\\
 \hline  &&&\\   
1(Railroad)         &      -0.009&       0.055&      -0.001&       0.049\\
\addlinespace
1(Tramway)          &      -0.059&       0.053&       0.026&       0.064\\
\addlinespace
1(Urban)            &       0.066&       0.044&       0.000&       0.000\\
\addlinespace
One firm            &       0.069&       0.220&       0.091&       0.138\\
\addlinespace
Two firms           &       0.102&       0.082&       0.144&       0.078\\
\addlinespace
Three firms         &       0.032&       0.082&       0.049&       0.068\\
 &&&&\\  Mine FE &      \multicolumn{2}{c}{No} &        \multicolumn{2}{c}{Yes}\\ Year FE &     \multicolumn{2}{c}{Yes} &       \multicolumn{2}{c}{Yes} \\  R-squared  &        \multicolumn{2}{c}{.124} &        \multicolumn{2}{c}{.129} \\  Observations &       \multicolumn{2}{c}{3221} & \multicolumn{2}{c}{3221} \\ &&&&\\   \hline   
